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Oswego Community Unit School District 308

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https://www.sd308.org/Departments-and-Programs/Finance/

Finance

Welcome to the SD 308 Finance Department. Located at Finance & Operations Bulding, 71 Stonehill Road, Oswego, IL.
 
We strive to maintain financial transparency and accountability while efficiently managing district resources. Ultimately, our goal is to support quality education for each of our students. Our key financial operations are as follows:

 
Fiscal Reports: Year-End June 30, 2024

Fiscal Reports: Year-End June 30, 2024

Fiscal Reports: Year-End June 30, 2025

Fiscal Reports: Year-End June 30, 2025

October 2025

September 2025

August 2025

July 2025

June 2025

May 2025

April 2025

March 2025

February 2025

January 2025

Tax Levy FAQ

Tax Levy FAQ

1. What is a Tax Levy?

 
A tax levy is the amount of money a school district requests to be raised through property taxes to fund its operations and obligations.

2. What is EAV?

 
EAV (Equalized Assessed Value) refers to the value of taxable property as determined by local and county assessors. It serves as the basis for calculating and allocating property taxes.

3. What is CPI?

 
The Consumer Price Index (CPI) measures the rate of inflation as published by the federal government.

Under Illinois’ Property Tax Extension Limitation Law (PTELL or “Tax Cap”), the annual CPI increase used to calculate a district’s property tax revenue is limited to no more than 5%, even if inflation exceeds that rate.

The CPI used for tax computations is based on the rate established at the beginning of the tax year.

4. What is New Property?

 
New Property includes newly developed or newly assessed properties within the district’s boundaries that add to the district’s total EAV.

5. What is an Extension?

 
An extension is the total amount of property taxes billed on behalf of the school district.

It is determined by multiplying the district’s total EAV by the tax rate calculated by the County Clerk to raise the amount of revenue (levy) certified by the district.

6. What is the Truth in Taxation Act?

 
The Truth in Taxation Act requires public notice and a hearing when a taxing body requests a property tax increase that exceeds 105% of the prior year’s extension.

7. What is the Property Tax Extension Limitation Law (PTELL)?

 
Also known as the “Tax Cap,” PTELL limits annual increases in property tax extensions to the lesser of 5% or the CPI, not including new property or bond and interest obligations.

8. Why is the District proposing a levy higher than the limits of the Tax Cap?

 
When submitting its levy, the District does not yet know three key pieces of information:
  1. The final tax rate as determined by the county assessor
  2. The total value of new construction (new property EAV)
  3. The total EAV within district boundaries
If the District underestimates and “under-levies,” it permanently loses access to those funds in future years. Therefore, districts often request a slightly higher levy to ensure they capture all legally available revenue once final values are certified.

9. Do most districts levy more than they expect to receive?

 
Yes.

It is standard practice to levy slightly higher taxes to ensure the district receives all revenue to which it is legally entitled, since final EAV and new property numbers are not yet known.

10. Will my taxes increase by the same percentage as the levy?

 
No.
 
Generally, existing taxpayers’ property taxes increase by the CPI percentage, not by the full percentage increase in the levy.

However, individual tax bills may rise or fall depending on how your property’s EAV changes relative to the community’s total EAV.

11. Why doesn’t the District lower its levy?

 
The District’s mission is to provide the quality education that families and the community expect. Over 75% of annual operating costs are comprised of salaries and benefits, which are governed by negotiated employee agreements that represent fixed financial commitments.

If the District does not request the full amount of property tax revenue available:
  • It cannot recover the lost revenue in future years (due to the Tax Cap).
  • The loss becomes a permanent annual revenue loss.
  • Property taxes fund the District’s core mission and support operational commitments.
  • Future adjustments for inflation occur automatically through the CPI factor.
In short, the District must levy responsibly to sustain operations, maintain staffing levels, and meet long-term financial obligations.

12. Why is this year’s anticipated levy higher than normal or above CPI?

 
This year’s levy reflects both a higher CPI and growth in new construction within the district.

Capturing the new EAV when it is first assessed is essential because, under the Tax Cap, once revenue is forgone, it cannot be recaptured in future years.
 
Unlike home-rule municipalities, school districts cannot reduce their levy one year and restore it later. Each year’s levy builds upon the previous year’s EAV and revenue base.

13. Why doesn’t SD 308 use all of its fund balance?

 
Although SD 308 maintains a fund balance in its major funds, these reserves serve critical purposes:
  • Ensuring cash flow throughout the school year

  • Supporting unexpected expenses such as emergency repairs

  • Avoiding short-term borrowing (tax anticipation warrants)

  • Providing funds for capital and maintenance projects
Maintaining a reasonable fund balance also helps the District preserve financial stability and protect its credit rating.

14. Why can a Bond Fund levy decrease from year to year?

 
Levies for bond and interest payments are determined when voters approve the bonds.

These amounts may vary from year to year according to the bond repayment schedule and will naturally decline as bonds are paid off.
Payroll

Payroll

Current staff, please contact the email adress below with questions. For more information, visit the Employee Intranet under Human Resources > Payroll
 
Non-certified employees with payroll questions, contact payroll-noncert@sd308.org

Certified employees with payroll questions, contact payroll-cert@sd308.org
 
Please refrain from submitting more than one response/question. Questions are responded to in the order in which they are received.  
Staff

Staff